- The FTX cryptocurrency change is reportedly in discussions to sponsor the house enviornment of the Miami Warmth NBA Staff
- Enviornment naming rights offers vary from $2 million per yr on the low finish to upwards of $10 million per yr on the excessive finish
- The NBA is not any stranger to cryptocurrency and blockchain tech
Will the Miami Warmth be enjoying within the FTX Enviornment?
The FTX cryptocurrency change is reportedly in talks with the Miami-Dade County to rename American Airways, the house enviornment of the Miami Warmth NBA franchise, to FTX Enviornment.
The report by The Miami Herald additionally notes that the ftxarena.com area identify has been registered by somebody, alongside social media handles. For instance, the Twitter deal with FTXArena was registered in February this yr and at present doesn’t have any tweets or followers.
Crypto information outlet CoinDesk says that it contacted FTX CEO Sam Bankman-Fried in regards to the report. Bankman-Fried responded solely with the favored “eyes” emoji, which maybe means that discussions are certainly taking place.
Presently, Miami-Dade County is paying $2 million to the Miami Warmth per yr as a result of the county hasn’t but discovered a brand new sponsor for the sector. The cope with American Airways expired on the finish of 2019, however the enviornment at present nonetheless has the American Airways identify for now.
Naming an NBA enviornment after your organization isn’t precisely low-cost. In keeping with knowledge from SportsPro, enviornment naming rights offers for the NBA vary from $2 million per yr on the low finish to upwards of $10 million per yr on the excessive finish.
FTX, which dealt with over $1 billion in buying and selling quantity within the final 24 hours, isn’t afraid to spend large – in 2020, it acquired widespread cryptocurrency portfolio app Blockfolio in a $150 million deal. Its CEO additionally contributed over $5 million to Joe Biden’s presidential marketing campaign.
Whereas a deal between FTX and Miami-Dade County would signify yet one more signal of cryptocurrency coming into the mainstream, the NBA is not any stranger to cryptocurrency and blockchain know-how. NBA High Shot, which works on the Stream blockchain platform, is at present the preferred crypto collectibles app on this planet. The NBA High Shot platform makes use of NFTs (non-fungible tokens) to supply customers collectible highlights of NBA gamers. Per Crypto Slam, NBA High Shot noticed $3.5 million value of gross sales within the final 24 hours throughout virtually 25,000 transactions.